Tuesday, May 6, 2014

WYOMING Part 58

According to the guidelines, for two kids, you must pay between 20% to 36.8% of your net income, plus an additional percentage of any income above a certain baseline amount. The baseline for our example net income of $2,500) is $2,083. The percentage of child support due on $2,083 is 35%. For every dollar above $2,083 – in our example, $417 – 31.9% of this amount must go to child support.

As calculated, it looks like this:

$2,083 x 35%=$729

$417 x 31.9%=$133

$729 + $133 = $862.

$862 is the total amount of child support due every month. Does that mean you must pay $862 per month or that the other parent has to pay you $862 per month? No, on both accounts.

You will have to provide a pro-rated share of $862 based on your individual income. Recall that your income in this example is $1,500 a month while the other parent has $1,000. Your income ($1,500) makes up 60% of $2,500. So you would be responsible for 60% of $862, which is $517. The other parent is responsible for 40% of $862, which is $345. Whether you are the one making payments or accepting them depends on your specific custody arrangement.

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